The Depression of 2008

[Archive]

Posted By: LetsGoBucs

Can you imagine where many people would be if Bush had his way and let people manage their own social security nest egg? I think we have seen the carnage, or at least are beginning to see, of the housing market, but people would be doubly screwed if they flushed their social security away as well...Rob
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We'd see the same thing take place as a previous poster mentioned.

What most people don't realize though is that their social security money has largely been flushed away. Legislative changes many years ago means that it is a pay as you go system. So all the years when the government brought in more money than it spent on social security, the excess isn't sitting somewhere earning interest. It was spent on the military, social programs, interest payments, etc. It is unfortunately gone.

So perhaps leaving Americans to their own choices wouldn't be such a bad idea, because in essence the American government has lost all the money!! Even if we had a subprime housing like result - it would mean that a minority would have made bad choices and the majority would have made decent choices. By leaving it to weak politicians its all gone

Simple math and demographics will make is obvious to anyone that social security as we know it for the past generation cannot exist for more than another 15-20 years. We should start telling people this now, so that they can plan appropriately (or not). We need to turn this back into a safety net program. No one wants to see 80 year old women begging for rent money. Make it a basic low income protection program for the elderly. Personally I believe that by the time I retire my social security check will be my pizza money for the month

Its well past the time that we address the unsustainability of social security, Medicare/Medicaid, and our disability programs. Its beyond irresponsible that our politicians continue to tell people they will receive "whats been promised" - stop promising what we all know can't be delivered and tell people the truth.